Bitcoin Enters Epic Rally Resistance Zone

I not saying this rally is over. Bitcoin could easily double due to exuberance, however momentum is currently reaching levels typically only seen during the most Epic Bitcoin Rallies. I went head and drew horizontal lines at each peak. RSI was 94 when Bitcoin was pushing 1000, it is currently 90.

500 will be a Major psychological resistance for this rally, and it will test the limits of exuberance and greed.

If your not currently long I would not recommend going long, additionally, I would not short either because when momentum is this high it is hard to call resistance.

Since this move is well beyond 3 standard deviations, I am going to avoid calling a peak. I will leave it up to you whether or not you want to sell your current position.

If Bitcoin makes a sustained move below 370, I'll say that this rally might be over. Clearly 500 is a strong resistance point, and 365 gave support overnight. This volatility is attracting attention, I'd look to buy (ideally) between 370-390. However it looks like the upward momentum is losing some strength, proceed with caution. If you interested in Bitcoin as a long term investment, then I think right now is a good time to buy. If there is a correction of this rally, I believe Bitcoin will find hard support at 300.